China’s Oil Stockpile Build Keeps Traders Guessing in Singapore

At Asia’s biggest gathering of oil executives and traders this week, two questions loomed over every conversation: How much is China buying for its strategic petroleum reserves, and how long will Beijing keep going?

Estimating purchases by the world’s top importer is more than a parlor game — the barrels underpin Chinese appetite for crude, which is vital to holding up global demand. More importantly, without this short-term driver, the outlook is bleak. New supply is coming from OPEC+ and others, just as oil consumption is eroded by factors including the rapid uptake of electric vehicles.